A rate lock, or lock in, is a guarantee of a rate by a lender for a set period of time. This protects you during the loan process from interest rates going up, which could ultimately cost you more money at closing, cost you more money monthly in the monthly payment, or in a […]

After my post last week on letters of explanation, which I explained are a common stipulation for a mortgage, I was surprised by the feedback from some readers of my blog who asked, “What is a stipulation?” And while I explain the mortgage process in detail to my clients, I realized that if you are […]

As you move through the mortgage process, you will eventually reach a point where the underwriter begins to ask you for supporting documentation to clarify something which is not 100% clear. These requests, known as stipulations, or “stips,” allow the underwriter to make a final decision on whether or not to approve the file. These […]

I have spoken several times in the past about this topic, but I feel it is an important topic to revisit, especially in the new year. I find many of my clients, especially first time home buyers, have some vague notion of what a “preapproval” is, but they do not know what is required to […]

It is pretty common knowledge that the spring is the best time of year to list a house for sale. As the weather clears up, your home will show better. Buyers start coming out of their winter hibernation. And if others are listing their houses for sale, it means there will be more potential buyers […]

My Pay it Forward Promise is one of the things I am most proud of as a mortgage professional. Each time a mortgage is financed through me, I donate $50 to the charity of the borrower’s choice. And while $50 does not seem like a lot, the results are pretty nice by the end of […]

Another year is coming to a close. It has been an incredible one for me and my parent company, Ross Mortgage. As the next week closes out, I look forward to sharing your Pay it Forward results. I feel truly blessed to work with the incredible staff and clients with whom I work, and want […]

Have a safe and merry holiday season this year! If you are in the market for a new home, or think you might be in the market at some point later in the year next year, it is important to understand the impact of the Dodd-Frank changes going into effect in January. Should you have […]

Last week I discussed the new Dodd-Frank regulations and how they will impact home buyers, as well as what a Qualified Mortgage will be per the Dodd-Frank regulations. On Tuesday, we discussed the Dodd-Frank Ability to Repay Rule as it relates to the new DTI hard cap of 43%. And today, I would like to […]

As I discussed earlier this week, there are new regulations which will go into effect on January 10 which will impact the mortgage industry pretty significantly. Of all the new changes, the most important to borrowers is the “ability-to-repay rule,” which sets new standards on what is and is not an acceptable mortgage. This new […]